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The EUR/JPY trades higher for a third consecutive week on the weak yen. It hit a high of 164.77 on Friday and is currently trading around 164.608. The bullish intraday outlook is maintained as long as the support of 159.80 holds.
Technical Analysis:
The EUR/JPY pair is trading above the 55 EMA and 34 EMA as well as the 200 EMA in the weekly chart.
- Near-Term Resistance: Around 165– a breakout here could lead to targets at 166.65/167.
- Immediate Support: At 164 – if breached, the pair could fall to 163.48/162.90/161.80/161/160/159/158.60/158.
Indicator Analysis (4-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: neutral
Overall, the indicators suggest a mixed trend.
Trading Recommendation:
Consider buy on dips around 164, with a stop loss at 163, targeting take profit levels at 166.65.
